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2013 (9) TMI 892 - HC - Income TaxTaxability of interest received as compensation - Assessee received an interest of Rs. 1,17,49,161/- in the financial year 2004-05 from Oriental Bank of Commerce, Sangrur on FDRs/MIDRs, which had been made out of the compensation amount from the disputed property - Assessee submitted that the interest had been released on submission of security bond and he was not the final owner of the amount as court proceedings were still going on – Held that:- Relying upon the judgment in the case of CIT v. Karanbir Singh, [2007 (12) TMI 184 - PUNJAB AND HARYANA HIGH COURT] interest is chageable to tax – matter remanded back for reconsideration - Decided in favor of Revenue.
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